Comments sought on exposure drafts - October 2024

At BDO, we provide comments locally to the Australian Accounting Standards Board (AASB) and internationally to the International Accounting Standards Board (IASB). We welcome any client comments on exposure drafts that are currently available.

If you would like to provide any comments, please contact Aletta Boshoff, Partner and National Leader, IFRS & Corporate Reporting and National Leader, ESG & Sustainability.

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Proposals

Comments due to AASB by

Comments due to IASB by

ED 331 Climate-related and Other Uncertainties in the Financial Statements

Proposes adding eight illustrative examples to existing IFRS® Accounting Standards to improve the reporting in the financial statements of climate-related risks and uncertainties.

Refer to our article for more information.

4 October 2024

28 November 2024

ED 333 Equity Method of Accounting

Proposes amendments to AASB 128 Investments in Associates and Joint Ventures to answer application questions about how an investor applies the equity method to:

  • Changes in ownership interests on obtaining significant influence
  • Changes in ownership interests while retaining significant influence
  • Recognition of its share of losses
  • Transactions with associates
  • Deferred tax effects on initial recognition related to measuring the fair value of its share of the associate’s identifiable assets and liabilities
  • Contingent consideration
  • The assessment of whether a decline in the fair value of an investment in associate is objective evidence that the net investment might be impaired.

22 November 2024

20 January 2025

IASB ED Translation to a Hyperinflationary Presentation Currency – Proposed amendments to IAS 21

Proposes to amend IAS 21 The Effects of Changes in Foreign Exchange Rates to clarify how amounts in the financial statements of an entity whose functional currency is that of a non-hyperinflationary economy, are translated into the presentation currency of an economy that is hyperinflationary. In such cases, the closing rate at the date of the most recent statement of financial position is used to translate all amounts in the financial statements (income, expenses, assets, liabilities and equity).

N/A

22 November 2024